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Rooftop solar tax breaks: What they signify for South African complexes and sectional titles
According to National Treasury, body corporates and sectional title schemes would be unable to benefit from the rooftop solar tax savings revealed during the budget address on Wednesday (22 February). Finance Minister Enoch Godongwana announced the rooftop solar tax incentive, which is one of numerous steps being adopted to assist the country's extensive and quick
Rand weakens as the reality of greylisting comes in
South Africa has given up the gains it achieved after Finance Minister Enoch Godongwana's budget address on Wednesday. Following the budget, in which the minister indicated that the government would assume more than half of Eskom's debt, the local unit launched a rally, trading higher on the news. The National Treasury suggested a total debt-relief
This is the budget set aside for Ramaphosa's salary in 2023 and beyond
The National Treasury is planning a large compensation package for President Cyril Ramaphosa and the country's Deputy President. The presidential budget for 2023/24 to 2025/26 anticipates that the president's pay would rise from R4.2 million (unchanged from 2022/23) to R4.6 million throughout the period. Meanwhile, the deputy president's salary is set to rise by R100,000
The CEOs of South Africa's largest retailers have slammed the government's 'half-job' load shedding relief
The CEOs of South Africa's three major food and grocery stores are dissatisfied that the government has not extended the reimbursement for the diesel fuel charge to food shops. Pieter Boone of Pick n Pay, Mike Bosman of Spar, and Pieter Engelbrecht of Shoprite Checkers have all spoken on the national budget. Yesterday (February 22),
Despite red flags about South Africa's diminishing tax base, SARS is not slowing down
The South African Revenue Service (SARS) has been highly effective in its tax enforcement methods throughout South Africa, and the National Treasury is planning to grant it extra money to finance its anti-noncompliance campaign. Finance Minister Enoch Godongwana complimented SARS's accomplishments over the previous three years during his national budget statement on Wednesday (23 February).
South Africa has reached stage 7 load shedding
Eskom, South Africa's power utility, reported that it temporarily entered stage 7 load shedding on Wednesday (22 February), following a similar step on Tuesday, but argues this does not reflect the larger timeline. According to Eskom spokeswoman Sikonathi Mantshantsha's daily information updates, the power provider lost nearly 7,000MW of electricity on Wednesday evening. He verified
SARIA calls for more creative ways to solve Transnet’s ongoing issues
According to the South African Rail Industry Association (SARIA), there is a need for more creativity when it comes to solving issues in the country. SARIA has issued a clarion call to the stakeholders and government to resuscitate and develop the rail sector, with less emphasis on throwing money at Transnet. This followed Finance Minister
Domestic travel hit as OR Tambo International experiences network glitches
Known as Africa’s largest airport, OR Tambo International is said to be experiencing Information Technology challenges. Media reports indicate that the international airport’s IT network glitches are impacting on domestic travel passenger processing. The airport’s communication team reportedly issued a voice statement to the media on Thursday. The message notes that the OR Tambo Airport
Central Energy Fund hits back at Andre De Ruyter’s ‘sinister’ allegations
The Central Energy Fund has rubbished outgoing Eskom CEO Andre De Ruyter’s comments, calling them ‘sinister’. The CEF has immediately reacted to De Ruyter’s sentiment on Thursday and that it had noted a misleading media report aired on e.TV’s news channel on Tuesday night and repeated on eNCA’s “Check Point”. CEF also came out defending
National Budget Speech: SA liquor traders welcome sin tax increase
Following the national budget speech tabled by Finance Minister Enoch Godongwana on Wednesday afternoon, liquor traders have reacted. The traders have welcomed the rise in sin taxes that will impact on the price of alcohol and cigarettes in South Africa. In its reaction, the Liquor Traders Association said that sin tax increases would boost business
Aviation giant Ethiopian Airlines to commence flights between Abidjan and New York
Information coming through to BusinessTech Africa indicates that Ethiopian Airlines will resume flights between Abidjan and New York. The East African carrier announced the news this week as it first started serving New York from its main hub Addis Ababa via Abidjan in June 2019. “However, the route was suspended in March 2020 due to
Kruger National Park reopens following devastating floods in Mpumalanga
Dubbed South Africa’s premier tourist destination, the Kruger National Park has reopened its doors after experiencing floods in the south of the park. The park has released an official statement confirming the news and this will come as a relief to tourists as they look forward to visiting the area. South African National Parks (SANParks)
Sigh of relief for Zimbabwe as it registers growth in raw milk production
There is a sigh of relief in the Zimbabwean agricultural sector as it recently reported a rise in raw milk production. According to media reports in the Southern African country, raw milk production rose from 79,6 million litres in 2021 to 91,6 million litres in 2022, a rise of 14,3%. Zimbabwe’s Lands, Agriculture, Fisheries, Water and Rural Development
SARS making progress in combating tax fraudsters – commissioner Edward Kieswetter
South African Revenue Service commissioner Edward Kieswetter has shared an update on fighting tax fraudsters. Kieswetter says SARS was making steady progress in clamping down on tax fraudsters as he attended the budget speech on Wednesday. Speaking on the side-lines of the budget speech in Parliament, Kieswetter revealed that R3 billion was recovered from fraudsters
Eskom CEO Andre De Ruyter leaves the power utility with immediate effect
Just after his teell-all interview with Annika Larsen this week, Eskom has announced that outgoing CEO Andre De Ruyter will step down from his role with immediate effect. De Ruyter has curtailed his resignation as he was expected to leave the struggling power utility at the end of March, but he has decided to leave
Vodacom CEO Shameel Joosub scoops Telecoms CEO of the Year
Vodacom CEO Shameel Joosub has scooped the 2023 MyBroadband Telecoms CEO of the Year accolade. Joosub was voted as the winner because of his excellent leadership at the South African mobile telephone operator. The company has produced impressive results under his guidance and with him at the helm. Candidates for the 2023 MyBroadband Telecoms CEO
Treasury announces relief for motorists regarding fuel and road accident fund levies
In his eagerly anticipated budget speech, Finance Minister Enoch Godongwana announced that the National Treasury will not increase the General fuel and Road Accident Fund levies for 2023. Godongwana tabled his speech on Wednesday, saying there are no major tax proposals in this budget as tax revenue collection for 2022/2023 is expected to reach R1.69
Minister Barbara Creecy orders her department to finalise fishing rights appeals
Minister of Forestry, Fisheries, and the Environment, Barbara Creecy, has told her department to ensure that she is able to conclude the Fishing Rights Allocation Process (FRAP 2021/2022) appeals process by the end of 2022. Creecy said the allocation of commercial fishing rights is central to job creation in South Africa. This website has gathered
Government to increase SASSA grants and extends R350 SRD grants
South African Treasury has unveiled plans to accommodate the increased number of social grant recipients as it upped the expenditure on social grants. The Treasury said it has extended the Covid-19 social relief of distress (SRD Grant) and that was announced by Finance Minister Enoch Godongwana. According to the 2023 Budget document per IOL, expenditure
Minister Enoch Godongwana announces alcohol and cigarette tax hikes in 2023
In his budget speech, Finance Minister Enoch Godongwana has announced an increase in taxes on cigarettes and alcohol. Godongwana said the government will raise taxes on cigarettes and alcohol in 2023 but there is a relief for sugary drinks consumers. The minister delivered his address on Wednesday saying that no major tax developments were being